Here’s how Bitcoin hit all-time high spot price of $66,000 on October 19

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Bitcoin shattered all previous records reaching an all-time high spot price of $66,000 per unit on October 19. The largest cryptocurrency attained the new all-time high price for the first time in more than six months. The current market price at which a certain asset, such as a security, commodity, or currency, can be sold for immediate delivery is known as the spot price.

According to CoinGecko, the Bitcoin price increased by over 4% to $66,140 for a brief period around 10am EDT (7.30pm IST) on October 19. The most recent all-time high price for Bitcoin was $64,804 on April 14, 2021.

Reason behind the Bitcoin price surge

The price of Bitcoin increased as a result of the enthusiasm and confidence generated in the cryptocurrency market on the debut of the first Bitcoin exchange-traded fund, ProShares Bitcoin Strategy ETF, in the United States. With this spectacular surge, the value of the crypto market has surpassed $2.5 trillion.

After the Proshares Bitcoin Strategy ETF (BITO) was listed on the New York Stock Exchange (NYSE), the price increased sharply.

Within hours of its opening, the much-anticipated first Bitcoin-related ETF in the United States became the second-most traded fund. On the first day of trading, 29 million shares of Bitcoin-ETF were sold. According to Forbes, the ETF posted a little over $1 billion in volume and rose 4.7% on its first day of trading on October 18.

Bitcoin-ETFs are funds that, like stocks, may be bought and traded on exchanges. The Bitcoin-ETF will primarily invest in Bitcoin futures and contracts, rather than in Bitcoin itself.

According to the Proshares site, it is intended for individuals who are not experienced in cryptocurrency trading but typically purchase stocks through brokerage accounts. The ETF traders can make a lot of money without owning the asset. Apart from the US, Canada also has a Bitcoin-linked exchange-traded fund (ETF).

According to Finder, a research hub, the value of Bitcoin is anticipated to hit $107,484 in 2021 before settling at $94,967.

Bitcoin Market Cap

The largest cryptocurrency has a dedicated trade volume of $39.6 billion and it is the world’s sixth most valuable asset, according to Bitcoin.com. According to CoinmarketCap, Bitcoin has a market capitalization of $1.24 trillion as of October 21. According to Coinbase, the present value of a Bitcoin stands at $61,008 (around Rs 45.78 Lakh)